Recent on-chain data from leading cryptocurrency intelligence data provider, IntoTheBlock (ITB) reveals that only 115 Tether USDT holder addresses control 56% of the entire token in circulation.
9 whale addresses control 29% of USDT
The number consists of both whales and investors’ addresses. Whales, according to ITB, are addresses that own more than 1% of the total circulating supply while investors are addressing holding between 0.1% to 1% of USDT circulating supply.
The data further suggests that there are only 9 whale addresses and they control 28.89% (1.62b USDT) with 106 investor addresses controlling 27.11% (1.52b USDT) of the Tether dollar-pegged stablecoin in supply.
At the time of filing this report, there are 1.38 billion USDT addresses, with 66.88k daily active addresses. Data further revealed that 5% of holder addresses are currently in profit, 52% have broken even, while the remaining 43% are in losses.
Tether minted 1.6 billion USDT in April
Last month, several reports from Whale Alert, a platform that tracks large crypto transactions, suggested that Tether printed about 1.58 billion USDT (appr. $1.59 billion) in April alone.
At the time, the issuer of the dollar-pegged stablecoin reportedly minted about 480 million USDT in the first two weeks of April. Tether then engaged in massive USDT printing throughout the rest of the month, with an additional 1.1 billion USDT minted.
Reports surfaced online that the increased production of the USDT token could be as a result of the high demand for the stablecoin since Tether controls a large amount of the stablecoin market share.
In addition, the coronavirus (COVID-19) pandemic that has wreaked havoc on the world’s economy has contributed to the increased demands in digital currencies such as Bitcoin, Ether, USDT, among others.
Meanwhile, Coinfomania reported recently that the USDT, as well as 30 other Ethereum-based tokens, are uniformly topping the token listing on CoinMarketCap.
